The Townsend Group is being sold to Northstar Asset Management.

The real estate consultancy and multi-manager is being sold by private equity company GTCR after four years of ownership.

Established by CEO Terry Ahern in 1983 to advise US institutional investors on real estate investments, Townsend was recapitalised by GTCR recapitalised in November 2011.

The company has since expanded its business to become a global multi-manager platform focused on real assets.

Townsend recently acted as a cornerstone investor in an Australian industrial real estate fund managed by Propertylink.

The consultancy is advising the Los Angeles City Employees’ Retirement System on a potential investment in a European club fund managed by Standard Life Investments.

“We’d like to thank GTCR for their commitment and support over the last four years,” said Ahern.

GTCR managing director Collin Roche said: “Townsend enhanced its capabilities and product offerings and invested in the company’s people and technology to create a stronger value proposition for its clients.”